PALM SPRINGS, CALIF. — Faris Lee Investments has arranged the sale of a restaurant property located in Palm Springs. An undisclosed buyer acquired the asset for $3.9 million. IHOP occupies the 4,600-square-foot freestanding building on a triple-net lease. The restaurant has occupied the building for more than 26 years, with a recent 10-year lease extension. Nick Coo, Matt Brooks, Tom Chichester and Joe Chichester of Faris Lee represented the undisclosed seller in the deal.
FORT MYERS, FLA. — Coastal Ridge Real Estate and M Group have purchased The Reef, a 924-bed student housing community located adjacent to Florida Gulf Coast University in Fort Myers. Progressive Capital Group sold the asset to the partnership for $78.8 million. Kevin Larimer, Greg Gonzalez and Cole Whitaker of Berkadia arranged the transaction on behalf of Progressive. Constructed in two phases in 2016 and 2017, The Reef is a garden-style community featuring two resort-style pools with cabanas, outdoor billiards, fire pit, ping pong, bocce ball, sand volleyball court, fitness center, cyber café, resident club lounge and private study rooms. The community’s fully furnished units feature bed-to-bath parity. The transaction marks the second student housing acquisition near Florida Gulf Coast University for Coastal Ridge in the past two months. In July, the Ohio-based company acquired the adjacent Coastal Village Apartments for $44 million.
FORT WORTH, TEXAS — Ridge, the industrial development arm of Transwestern Development Co., has sold a 362,000-square-foot speculative warehouse in Fort Worth. The property is located within Railhead Industrial Park, a 633-acre, rail-served development. The building, which was completed in June, features 32-foot clear heights, 60 trailer parking spaces and 160 car parking spaces. An undisclosed institutional investor purchased the property after acquiring the adjacent, 299,810-square-foot property last year.
HAMPSHIRE, ILL. — Realty Metrix Commercial has brokered the sale of a 50-acre industrial development site in Hampshire, about 40 miles southeast of Rockford. The sales price was not disclosed. The buyer, RMC Holdings Hampshire LLC, plans to develop Metrix Industrial Park. The site is located at the northwest corner of I-90 and Route 20. The park will cater to users in the trucking and cartage industries and is adjacent to a 33-acre Love’s Travel Stop that is currently under construction. Completion of the industrial park is slated for fall 2019.
NORTH RIVERSIDE, ILL. — Marcus & Millichap has arranged the $2 million sale of an 18-unit apartment property in North Riverside, about 12 miles west of Chicago. The two-building property is located at 2628-2640 Desplaines Ave. Recent capital improvements included new finishes as well as updated windows, doors, roofing, hot water heaters, boilers, and air conditioners. Andrean Angelov, Ryan Engle and Samuel Antreasian of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the private buyer.
PAPILLION, NEB. — PREP Property Group has purchased Shadow Lake Towne Center in Papillion, a suburb of Omaha, for an undisclosed price. The 654,666-square-foot shopping center is located at the southwest corner of 72nd Street and Highway 370. Originally built in 2007, the property includes tenants such as Dick’s Sporting Goods, JC Penney, ULTA, Bed Bath & Beyond, Best Buy, PetSmart and Old Navy. The seller was not disclosed. PREP is focused on transforming retail real estate by repositioning lifestyle centers, power centers and enclosed malls that are undermanaged, capital starved or distressed.
BRASELTON, GA. — Monmouth Real Estate Investment Corp. has acquired a newly constructed industrial building in Braselton, roughly 50 miles northeast of Atlanta, for $61.1 million. Delivered earlier this year, the 373,750-square-foot building is net-leased for 15 years to FedEx Ground Packaging System. The facility is situated on 93 acres at 650 Braselton Parkway off of Interstate 85. New Jersey-based Monmouth’s portfolio includes 111 properties totaling 21.2 million square feet.
BRENTWOOD, TENN. — HFF has brokered the $14.4 million sale of Mallory Corners, a 70,000-square-foot shopping center in Brentwood, located roughly 10 miles south of Nashville. Jim Hamilton and Shea Petrick of HFF arranged the transaction on behalf of the seller, the estate of Charles S. Ackerman. Leo Weiner of Ackerman Retail, a division of Ackerman & Co., is acting as an advisor to the estate. Barnes & Noble and Electronic Express anchor Mallory Corners, which was 96 percent leased at the time of sale. Additional tenants include Brilliant Sky Toys & Books, Sprint, Hoover Paint, AAA Autoclub and Play It Again Sports.
PHOENIX — Orion Investment Real Estate has arranged the sale of a medical office and surgery center facility, located at 15401 N. 29th Ave. in Phoenix. Nashville, Tenn.-based Montecito Medical Real Estate acquired the property for $14.4 million, or $392 per square foot. Built in 1988 and renovated in 2017, the 36,796-square-foot property is occupied by Retinal Consultants of Arizona, occupying 72 percent, and Spectra Eye Institute, occupying the remaining 28 percent. Braxton Glass and J.T. Taylor of Orion represented the undisclosed seller and buyer in the deal.
SALT LAKE CITY — Santa Monica, Calif.-based Arrowroot Real Estate has purchased Edgewood Park Apartments, a multifamily property located in the Cottonwood Heights submarket of Salt Lake City, for an undisclosed price. Built in 1994, the value-add property features 64 apartments. The asset is the fourth investment made by Arrowroot Real Estate Fund I thus far in 2018. James Wadsworth and Greg Barratt of Berkadia facilitated the transaction. The name of the seller was not released.
